Omar asks banks to increase credit flow

Jammu and Kashmir chief minister Omar Abdullah has underlined the need for enhancing credit flowby financial institutions to facilitate economic growth and generate employment avenues for youth in the state.

This, he said, would also boost agriculture production and encourage entrepreneurs to launch independent livelihood earning ventures. 'Agriculture and allied sectors are thrust areas and easy advances to farmers is imperative for timely conduct of agricultural practices required for good yield', he said and asked the banks to fulfill their corporate sector responsibility.

Speaking at a function after inaugurating Jammu and Kashmir Bank branch at Waliwar here, the chief minister appreciated the efforts of the bank in reaching out to people and helping their economic growth.

Abdullah said the active support of Jammu and Kashmir Bank to flourish MSME sector and give considerable fillip to SKEWPY initiative is great importance.

'With the growth of business and deposits there should be remarkable increase in credit flow from banks to agriculturists, traders and young entrepreneurs, he said stressing on the need of striking balance in the credit-deposit ratio.

The chief minister praised Jammu and Kashmir Bank for the growth and development shown by the bank and rendering remarkable service to the people.

He said the expansion of bank branches across the state and generation of employment besides extending financial support by the Jammu and Kashmir Bank to micro, small and medium enterprises is noteworthy.

The chief minister also handed over Kissan Credit Cards to over a dozen of out of about 2,500 beneficiaries who received the cards at the occasion.

Abdullah had directed for fast tracking of issuance of Kissan credit cards to farmers in the last State Level Bankers' Committee meet.